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Despite the shock departure from CBA of Kathy Cummings, industry stakeholders believe CBA will continue to thrive long after her leaving.
Speaking to The Adviser, Mark Hewitt of AFG said his initial reaction to the departure of the Commonwealth Bank's executive general manager, third party and mobile banking, was surprise, followed by sadness.
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“Kathy has been a tremendous business partner of AFG, and more so a brilliant advocate for the industry,” he said.
The Adviser broke the story on Friday, when Ms Cummings announced her departure from CBA in an email sent to senior industry stakeholders.
“If we think back to what the CBA board was like 10 years ago, none of them could have told you what a mortgage broker looked like, yet she was able to convince them to use their main brand in the broker market and that’s paid off from their perspective and the perspective of brokers,” Mr Hewitt said.
Mark Haron of Connective also experienced mixed emotions following the announcement.
“Kathy was extremely passionate about the industry and she was integral in ensuring that CBA, Australia’s largest home loan lender, embraced mortgage brokers.
“So the industry is all the better off with her involvement,” he told The Adviser.
However, the reactions from brokers after Friday’s announcement, were mixed.
“I doubt if anyone personally has done more to advance this industry than Kathy,” said Martin Leedham. “We owe an enormous amount of gratitude to her and the advances she has made for brokers. Congratulations Kathy, and all the very best for whatever you tackle next.”
Others claimed the announcement was good news for the Commonwealth Bank.
“Well, I can't say I will miss her, having had some personal experience on the way she approaches the 'management' of relationships in business,” said one commentator. “Notwithstanding, I accept that she has assisted in the promotion of the third party 'broking' channel, and for that we will be grateful.”
While Ms Cummings undoubtedly altered the way in which brokers and consumers see the mortgage industry, Mr Hewitt believes CBA will continue to dominate the lending space even, without her leadership.
“The legacy Kathy will leave will be a positive relfection on what one person can achieve in our industry,” he said.
“She’s set up a strong base and a strong operating platform and she will ensure that her people are well trained and more than capable to fill in her big shoes to see the Commonwealth through.”
